Thailand Business News – Thailand Business News
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New launches for Q3 2011 were dramatically down compared with the previous quarter by around 74%. Approximately 3,000 units were launched in Q3 compared to around 11,600 in Q2 2011 and was the lowest number recorded in the past three years.
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Short term uncertainties cause 74% drop in condominium launches
Prinsiri took a similar approach.
Second, Thailand’s banking system is much healthier than its Western counterparts. There are no toxic assets on local banks’ balance sheets. This benefits both the supply and demand side.
The mid to high-end segment boomed this year in Thailand as demand was wide and remained strong. The high-end will recover in the third or fourth quarter. But supply in this segment is very limited due to scarcity of land for new developments. Around 80% of the new launch in this segment was taken up. New supply in the high-end segment, now quoted at 150,000 to 200,000 baht a square metre, will be provided by developers with a strong financial status, experienced teams and products that match demand.
Currently, the MahaNakhon project is the only new high-end project in the pipeline. The Sukhothai Residence project on Sathorn Road, which is 70% sold, has frozen sales until demand can sustain the desired prices.
